Telefónica, the Spanish telecoms company, has been swamped by retail investors in the IPO of Moviles, its mobiles arm, which priced yesterday at €11 a share, valuing the IPO at up to €3.8bn ($3.21bn).

The deluge of retail orders amounted to an astonishing €23.1bn in demand, covering the retail allocation of 55% of the deal by nearly 13 times.